CoinMetro 27th July 2018 AMA Notes
VIDEO ARCHIVE OF THE AMA (FACEBOOK)
IN THE NEWS
#1 Japanese Crypto Exchanges Push for Limit on Margin Trading Borrowing
- 4x one’s deposit. It’s good and bad.
- Lots of exchanges don’t have experience offering leveraged products.
- It brings risk to the client side.
- When CM offers leveraged trading, there should be guidelines in place.
- Company’s should show their experience in this product and the client should be FULLY aware of the risks involved.
#2. The First Augur Assassination Markets Have Arrived
- Augur lets you bet on real-world events.
- The fact that it’s gambling means licensing.
- Kevin thinks regulation will tear it apart.
#3. Crypto Exchange GBX launches in Gibraltar
- Not a huge story.
- Kevin saw GBX onstage in London earlier this year.
- They’re not regulated, they don’t have the proper licenses.
- They chose Gibraltar for the same reason others have chosen Malta.
- There are directives and other licenses they have not adopted.
#4. Coinbase announces E-Gift cards; pay for Uber with Bitcoin
- More should be expected from Coinbase with their footprint.
- It gets the industry in the news, gives credibility to cryptocurrency.
- The product itself? “Eh” - Kevin Murcko.
- CoinMetro is paying attention to the areas that get traction and could compete in the future.
#5. AMD Sees Q2 Drop in GPU Sales to Crypto Miners
- This is perhaps due to difficulty, as all blockchains are getting more difficult to mine.
- Kevin believes there are new methods of consensus being developed that will allow for tech that is not as onerous as mining, as of 2018.
REDDIT QUESTIONS
Binance criticisms- are you getting tired of CM getting compared to Binance?
- No- Kevin’s critical of Binance because they’re the higher ones on the ladder.
- Using Binance as a base of criticism is a way of getting people to understand how you’re trying to compete.
- Kevin expects Binance to suffer the wrath of regulations when they get here.
- Malta and Binance have a dangerous co-dependent relationship that will not last.
Beta Feedback
- The team is focusing on making sure the GUI is in place.
- CM wants to involve the community more in the development of the platform.
What are good strategies to attract people new to crypto?
- We need to show that we’re a cut above protecting consumers and that’s where regulation comes into play.
- Offering services that make it easy for clients to deposit and withdraw money. This means getting a whole host of services and licenses that give easy on/off ramps for clients.
- Once they’re in the CoinMetro platform, it’s about offering a palette of services that extend beyond trading and exchanging.
What are your favorite tokens?
- Kevin has not been delving much into other companies, since he’s focused on building CM.
- He did have a Top 5 list at one point, but it’s most likely obsolete at this point.
What do you think of BitMex?
- It was cool that they offered their unique shorting tools.
How many employees does Tallinn accommodate, will you need to move offices at some time?
- Realistically, about 25 employees.
- No need to move, since Tallinn is simply middle/upper management
- If there’s need to expand, they’ll get more office space.
What future job openings will you need at CoinMetro?
- Desk traders, market analysts, liquidity managers are among the top hires initially.
- Business Dev roles, Institutional Sales Staff
Any ICOs interested in the ICO Express feature?
- Yes, there are ICOs in the pipeline ready, but they need to pass vetting.
Fiat Pairings- how will there be liquidity?
- There is a liquidity provider for USD already, and the team is looking for EUR providers.
- Licenses are needed in order to provide some of the more mature features, and the team is working on securing these.
Will all cryptos have pairings with fiat?
- It depends on the liquidity across the board.
- The team is working on possible interactions with FXPig to offer unique products.
CoinMetro FUD
- The team is focusing on building a mature product, and delaying it for quality is frustrating but necessary.
- There’s a small advantage in not being in a hype cycle, which is that you have less eyeballs on the project.
- Once a mature, solid product hits the market, the hype will begin again.
Where do you have licenses?
- Licenses currently in Estonia, and are undergoing processing in Australia and UK.
COINMETRO UPDATE
- Super-simple mockup (Simplex) mockup was released.
- More updates are incoming soon, as verified by devs.
- iOS and Android apps have been updated.
- More users will be added to the beta, please keep an eye out to the update channel.
- Kevin’s in Mexico right now, the same place that the first AMA with AmaZix occurred.
- The team is working on securing great fiat options for Mexico and Latin America.
LIVE QUESTIONS
Are users fiat holdings in CM insured, and to what amount?
- From Day 1 no, as CM is in talks with insurance companies at the moment.
- There are custodial relationships in place, however, so your bank would insure you to a certain degree.
XCM Dump FUD
- XCM will not be available initially for those specific reasons.
- The team is working on ways to mitigate any XCM dumping.
What markets of the world will CoinMetro target first?
- The team will focus on securing licenses regionally and then globally.
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Well, that's it for this week's AMA with CoinMetro Founder Kevin Murcko! Please join us next week on CoinMetro's Facebook at 2PM GMT for another round and make sure you submit your questions to the CoinMetro Subreddit!
As always, we're available to answer any questions you may have on our Telegram Group 24/7.
